CCD Quantifies $194M ATM Capacity and $28M Series I Preferred Terms
CCD sits 22% above its 52-week low of $19.985.
Summary
CCD's prospectus supplement quantifies its remaining ATM capacity at 7.79 million common shares (~$194M at $24.97) and details the new $28M Series I preferred shares paying 6.03%.
Key Events · Financing and Capital Events · CCD
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ATM Capacity Quantified at 7.79M Shares
The fund may sell up to 7,787,342 common shares under its sales agreement, assumed at $24.97 per share (last reported Nasdaq price on August 26, 2026), implying roughly $194 million in potential gross proceeds before the 1% commission.
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Series I Preferred Terms Disclosed
The new 1,120,000 Series I MRP Shares carry a $28,000,000 aggregate liquidation preference, a 6.03% initial monthly dividend rate, a mandatory redemption date of August 24, 2029, and a KBRA rating of 'AA-'.
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Common Share Dilution Scenario
If all 7,787,342 ATM shares are sold, common shares outstanding would rise from 28,601,840.59 to 36,406,901.59 — a 27.3% increase — while net assets applicable to common shareholders would grow from $704.1M to $897.0M.
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Leverage Restated at 30.9% of Managed Assets
Total leverage as of August 26, 2026 is $306.5 million (30.9% of managed assets), comprising $114.3 million in borrowings, $100.5 million in structural leverage, and $91.8 million in MRP Shares.
Analysis · CCD · Unknown
This prospectus supplement puts hard numbers on two previously announced capital events. The fund can still sell up to 7,787,342 common shares through its at-the-market program — at the August 26 reference price of $24.97, that is roughly $194 million of potential new issuance, which would expand the common share count from 28.6 million to 36.4 million. Separately, the new Series I mandatory redeemable preferred shares carry a 6.03% dividend rate and a 2029 redemption date, replacing the redeemed Series D layer. The combined leverage picture — $306.5 million, or 30.9% of managed assets — is now fully restated. For common shareholders, the ATM overhang is the key risk: every sale dilutes NAV per share, though the fund retains discretion to decline sales below its minimum price.
How filings like this one have moved
In the 30 days to Sep 14, 2026, 29.9% of the 1594 measured filings Wiseek scored 7 moved their stock by 5% or more by the next session's close. The median move was -0.24%. These are measured outcomes after filings of this importance, not a forecast for this one.
Measured one observation per ticker per day, after exclusions. Current figures: Filing Impact Tracker · open dataset
At the time of this filing, CCD was trading at $24.45 on NASDAQ in the Unknown sector, with a market capitalization of approximately $683.1M. The 52-week trading range was $19.99 to $26.99. This filing was assessed with neutral market sentiment and an importance score of 7 out of 10.